The real estate market today is quite different compared to 2020. In 2020, the market was booming due to historically low mortgage rates, high buyer demand, and a limited inventory of homes for sale. This caused many homes to sell quickly and for prices well above asking.
Today, the market is still strong in many areas, but it is not as hot as it was in 2020. The nationwide inventory of homes for sale has grown, causing prices to increase at a slower rate and homes to stay on the market longer. Mortgage rates have also risen, causing monthly payments to be higher than they were in 2020. Despite this, there is still strong demand for homes in many areas, making it a good time to buy.
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